A proposed AU$ 1.02 billion (US$ 830 million) takeover move by Ferrovial to acquire Australian-based infrastructure company Transfield Services has been rejected.

The Spanish-based contractor had reportedly made an improved offer for the company of AU$ 2 a share bid, which the company stated had failed to meet its own valuations.

An initial bid for Transfield, which employs 19,000 people across 10 countries, was made in October and had valued the company at AU$ 1 billion (US$ 810 million).

Ferrovial previously raised concerns that the Australian company had provided “only limited due diligence” surrounding its takeover bid, which it said had hindered its attempts to arrive at a definitive offer for the business.

As a result of its second rejection, the Spanish firm has reportedly ceased its interest in continuing discussions. Shares in Transfield dipped by 18% after the deal collapsed.

Despite the rejection of its bids, Ferrovial’s results in 2014 have proved positive, including recording an 11% increase in year-to-date EBITDA (earnings before interest, taxes, depreciation and amortization) in the first nine months of 2014.

Its revenues also increased by 10% to €6.49 billion (US$ 7.94 billion), with strong results within the company’s construction operations. The company’s order-book stood at its highest-ever level of €20.68 billion (US$ 25.3 billion), gaining infrastructure projects Saudi Arabia, Australia and Brazil.

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